EUR/USD muted on German data, near 1.0580

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency is retreating marginally vs. the greenback at the beginning of the week, taking EUR/USD to the 1.0580/75 band so far.

    EUR/USD ignores German data

    The pair kept the composure following the German releases, where Retail Sales have contracted 0.4% from September to October; over the last twelve months, sales have expanded 2.1%.

    While market participants are looking at Thursday’s ECB meeting as the critical event for EUR, November’s preliminary inflation figures in Germany will also grab some attention ahead in the session.

    EUR/USD levels to watch

    As of writing the pair is losing 0.08% at 1.0585 with the next support at 1.0519 (low Apr.13) en route to 1.0500 (psychological level) and then 1.0456 (2015 low Mar.16). On the upside, a breakout of 1.0829 (high Nov.12) would aim for 1.1025 (55-day sma) and finally 1.1043 (200-day sma).
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